U.S. Attorney's Office, Kentucky, Western, "Business Owner Agrees to Pay $1,731,200 to Resolve Allegations He Misappropriated COVID-19 Loan Proceeds" (Feb. 24, 2025)
Summary
Press release of February 24, 2025 from the United States Attorney's Office for the Western District of Kentucky, issued from Bowling Green, announcing a civil settlement in which a Memphis business owner agreed to pay the United States $1,731,200 to resolve allegations that he unjustly enriched himself by misappropriating COVID-19 Economic Injury Disaster Loan funds from the Small Business Administration. He owned a Kentucky corporation operating Little Caesars franchises in Western Kentucky and, on October 27, 2021, submitted an Amended Loan Authorization and Agreement certifying that he would use the proceeds as working capital. The United States alleges that he instead transferred the proceeds into various cryptocurrency accounts shortly after receiving them. The release states that the claims resolved by the settlement are allegations.
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Cite this document
“U.S. Attorney's Office, Kentucky, Western, ‘Business Owner Agrees to Pay $1,731,200 to Resolve Allegations He Misappropriated COVID-19 Loan Proceeds’ (Feb. 24, 2025).”
Original at www.justice.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-attorney-s-office-kentucky-western-business-owner-agrees-to-pay-1-6bd2932cae/
, SHA-256 564aff921ea97698e8e004ddd27bec897d9c21503038ac3273dffc49c4c71301.Full text
Bowling Green, KY- Ryan Turtle, of Memphis, TN, has agreed to pay the United States $1,731,200 to resolve allegations that he unjustly enriched himself by misappropriating COVID-19 Economic Injury Disaster Loan (“EIDL”) funds obtained from the Small Business Administration (SBA) during the COVID-19 pandemic. The civil settlement was announced by Michael A. Bennett, United States Attorney for the Western District of Kentucky. “COVID-19 EIDL funds were intended to help small business owners during difficult economic times and taking advantage of this program will not be tolerated,” said U.S. Attorney Bennett. “Our office is committed to investigating and recovering taxpayer monies that have been diverted or misused.” During the COVID-19 pandemic, the SBA provided COVID-19 EIDLs to small businesses to be used for “working capital.” Turtle owned the Turtle Company, a Kentucky corporation, which operated Little Caesars franchises in Western Kentucky. On October 27, 2021, Turtle submitted an Amended Loan Authorization and Agreement with the SBA, in which he certified and promised that he would use the loan proceeds as “working capital” for his business as required by the Agreement. Instead of using the loan proceeds as “working capital” for his business as required, the United States alleges that Turtle transferred the loan proceeds into various cryptocurrency accounts shortly after receiving them from the SBA. By failing to use the loan proceeds as required by the Agreement, the United States contends that Turtle unjustly enriched himself. The claims resolved by this settlement are allegations. Assistant U.S. Attorney, Matt Weyand, handled this matter for the United States. ###
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